§ 36. Mr. Sheerman
To ask the Secretary of State for Foreign and Commonwealth Affairs in the light of recent events in Venezuela, what new initiatives he is planning to help south American democracies with their debt problems.
§ Mrs. Chalker
At the recent spring meetings of the IMF and World Bank in Washington, Finance Ministers of the leading industrialised countries, including the United Kingdom, agreed that the key principles of the case-by-case growth-oriented debt strategy remain valid. They encouraged the IMF and World Bank to take appropriate steps to support efforts to reduce the debt burdens of countries which are committed to substantial economic reforms, while emphasising that concrete negotiations are a matter for the debtor countries and the commercial bank.